Captain Fresh moves into salmon with deal for Polish processor

India’s Captain Fresh has signed a deal to acquire Polish smoked salmon processor Koral, the company confirmed to Undercurrent News on Wednesday

Captain Fresh, the acquisitive Indian tech-led seafood supply chain company, is set to acquire Koral, a Poland-based producer and distributor of branded salmon products, the company confirmed to Undercurrent News on Wednesday.

In December 2023, Undercurrent revealed Captain Fresh was working on a deal for Koral. In February, Captain Fresh closed a deal for US shrimp and frozen seafood importer Central Seaway Company (CenSea), which Undercurrent had also previously reported was in the works.

The sellers of Koral — which is part of the wider Graal group — are Abris Capital Partners and Boguslaw Kowalski, the company’s founder. The transaction is subject to the Polish antimonopoly office and other regulatory approvals.

Antarctica Advisors, a seafood-focused corporate finance boutique, represented the sellers. Antarctica is also advising Abris and Kowalski on the as-yet-unclosed sale of the rest of Graal to German dairy giant Unternehmensgruppe Theo Muller.

Koral manufactures smoked salmon products that are sold across domestic and international markets under the brand SuperFish. The company has 26 production lines, processing 120 metric tons of fish daily. This marks Captain Fresh’s entry into the coveted salmon market, estimated at $33.5 billion in 2024, according to a Mordor Intelligence Report cited by the company in a statement on the eagerly awaited deal.

Captain Fresh has also entered the European shrimp market, buying Senecrus, a French cooker and distributor, before closing the CenSea deal.

“We are pleased to welcome Koral to the Captain Fresh group. This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate,” said Utham Gowda, CEO and founder of Captain Fresh.

“The European market is one of the most exciting VAP (value-added product) opportunities in seafood globally, he said. “Koral augments our earlier acquisition of France-based Senecrus, adding marquee Polish and German retailer brands to our portfolio of offerings. Koral’s ‘smoked’ format capability complements Senecrus’ ‘cooking’ format capability.”

Captain Fresh is “thrilled to mark our foray into the salmon value chain, which is one of the largest segments within the seafood industry,” said Gowda. “With seasoned leaders BoguslawKowalski and Justyna Frankowska leading our global salmon strategy, we are gearing up for the next phase of growth.”

Frankowska will take the role of Koral CEO after the deal closes,he said.

Founded in 2020, Captain Fresh has established itself as one of the world’s largest exporters and distributors of fish and seafood.

Backed by investors, including Tiger Global Management, Prosus Ventures, British International Investment, Z47 (fkaMatrix Partners India), Accel, SBI Holdings, Evolvence Group, Ankur Capital, and Incubate Fund, “Captain Fresh aims to leverage its proprietary tech to create one of the largest seafood platforms in the world,” it said.

The group is expected to close the current financial year at a revenue run rate of $650 million to $700m.

“This acquisition of Koral by Captain Fresh is further evidence of the fantastic potential of Central European businesses and the growing appetite of international conglomerates for investment opportunities in the region,” said Kamil Gajdzinski, investment manager at Abris. “We are pleased that we have found the ideal capabilities in Captain Fresh, which will drive international growth and further consolidation in this sector.”

 

SOURCE: Undercurrent News